Areas of Practice

Trust & Fiduciary Services

Why Hire Us as Your Trustee?

Ongoing management of a family’s assets can be daunting. Our team provides hands-on service to help navigate the entire trust administration process. We will be there to face the opportunities and challenges with you, so you can focus on what matters most.

You likely already have trusted advisors such as an accountant and/or financial advisor. Your team can certainly remain in their roles. As Trustee, our job is to ensure the estate, financial and investment planning strategies you have established are carried out as you intended.

Many people think they only have two options for trustees: a trusted family member who may be ill-equipped to act as trustee, or a large, impersonal corporate trust department at a large national bank. We offer an alternative that provides the best of both worlds, combining the care and personal attention of a trusted family member or friend with the expertise usually only found at large institutions. With our hands-on approach, we develop a deep understanding of our clients’ values and goals. This allows us to craft a tailor-made approach to managing your family’s trust.

Our team has unparalleled depth of knowledge of trusts and estates, including all phases from structuring and planning through to trust administration. This knowledge has come through our decades of experience guiding families through this process. We have been recognized for our expertise in this area of law by many of our peers, including the nationally-recognized American College of Trust and Estate Counsel.

Is It Hard to Change My Current Trustee?

It’s usually very easy to change trustees. Often, you as grantor(s) simply need to remove the current trustee and appoint a successor trustee. Once that appointment is complete, our team will take care of the administrative matters including transferring documentation, accounting, and account/asset access.

The trust document sometimes does not allow you to change the trustee directly, but provides for a Trust Protector or majority of beneficiaries to change the trustee. We are happy to help with reviewing the trust document to determine if this is the case.

In a small number of cases, we may need to petition the court in order to change trustees. Again, we can help you navigate this process should you decide to name us as Trustee.

Overview of Comprehensive Services

Our comprehensive trustee services include:

  • Honoring your wishes
  • Collection and Safeguarding of Assets
  • Management of Assets, including:
    • Liquid Investments
    • Real Estate
    • Business Holdings
    • Tangible Property, collections, art, etc.
  • Accounting & Reporting
  • Bill Payment
  • Educating beneficiaries on trust terms
  • Identifying overall income tax savings opportunities
  • Identifying estate, generation skipping tax savings opportunities
  • Distribution of fund to Beneficiaries in accordance with the trust terms
    • Mandatory
    • Discretionary
  • Fiduciary Income, Estate and Gift Tax Return Preparation

Trustee for Unique Assets

You may have built your wealth with real estate or in business, and may continue to own assets that large institutions typically will not agree to manage. In contrast, we have deep experience working with these types of assets and are happy to manage them for you and your family.

Our team is sensitive to the issues inherent in family-owned companies and unique assets. We work closely with your team of advisors and local market contacts to ensure your assets are managed and administered in accordance with your wishes.

Our unique asset administration process is built to help families retain and even enhance their family’s assets. Unique asset management services can incorporate a broad range of assets like:

  • Second or vacation homes
  • Commercial real estate
  • Single family and multi-unit residential investment properties
  • Museum-quality art, precious metals, and other collectibles
  • Limited partnerships or other closely held businesses interests
  • Oil, gas, and other mineral rights
  • Family business interests

Administrative Services

  • Administering trust according to the specific terms of the trust agreement and your intentions and purposes
  • Exercising Trustee's discretion when appropriate
  • Providing continuity of administration during times of incapacity or disability

Some additional duties under trust administration include:

  • Exercising care, skill and caution when making discretionary decisions on behalf of the trust
  • Maintaining regular contact with beneficiaries to keep them up to date and informed
  • Keeping and maintaining complete, accurate records, including filing tax returns, and filing documents for business regulatory compliance
  • Communicating beneficiary entitlements and responsibilities
  • Seeking out and implementing strategies to minimize tax liabilities
  • Addressing maintenance, insurance, and security of trust real estate
  • Monitoring investments for quality and compliance with the stated investment objectives expressed in the trust document
  • Maintaining detailed records of all account transactions
  • Issuing quarterly or annual principal and income statements and asset summaries

Additional Available Services

  • Quarterly review of estimated tax payments
  • Representation at tax audits
  • Assistance with federal and state tax issues
  • Maintenance of tax records, including tax basis adjustments
  • Preparation and filing of estate tax returns, gift tax returns, and fiduciary income tax returns
  • Preparation and delivery of tax information summaries to beneficiaries
  • Assembling a professional advisory team required to carry out all the provisions of the trust including legal and accounting requirements and property management services if needed.

Advisor to Layperson Fiduciaries

Some clients will prefer to have a family member or close associate as trustee. In such cases, clients can have the best of both worlds by hiring us as agents for the trustees. Almost all the services we offer as a trustee can be provided to your chosen trustee on an agency basis, including management and record keeping.

Need a Consultation?

Consult with our Bend, Oregon law firm for complete solutions to your legal issues.
Contact Us
Lynch Murphy McLane LLP - Attorneys at Law - Bend and Portland, Oregon
Bend Office

Lynch Murphy McLane LLP
747 SW Mill View Way
Bend, OR 97702

Portland Office

Lynch Murphy McLane LLP
3 Centerpointe Dr
Suite 160
Lake Oswego, Oregon 97035

Klamath Falls Office

Lynch Murphy McLane LLP
5416 Running Y Rd
Suite 201A
Klamath Falls, OR 97601